on friday, asked jeff feddig about that. >> if you look at the u.s. data for demand, the bubble, so to speak, really occurred between 2003 and 2006, so, beginning next year, we'll start the ten-year beginning cycle of replacement. we will get a catalyst from both housing and the replacement cycle over the next three to five years. >> in fact, you can see the boom here. housing starts peaking nearly a decade ago. look at the average life span of your appliances. 10 to 14 years is the average range. we're going to break down the replacement cycle and the impact. neil, great to have you with us. >> thanks for having me on. >> there's a boomerang effect, but how much could this actually fuel demand? >> well, i think this is really the next leg in the housing story for the u.s. economy. i think right now, quite frankly, there's nothing but cyclical upside to the u.s. economy. if you look at cyclical components of gdp, things like durable goods consumption, refrigerators, ranges, microwaves, relative, even cars, relative to their share of gpd, historically,